Trump's Latest China Decision Has a $50 Billion Impact | NTK Network Trump’s Latest China Decision Has a $50 Billion Impact

Trump’s Latest China Decision Has a $50 Billion Impact

The president's hot-and-cold relationship with China could put tens of billions of dollars worth of goods at stake, according to reports.

By NTK Staff | 05.30.2018 @5:15pm
Trump’s Latest China Decision Has a $50 Billion Impact

President Trump’s relationship with China could be described in a number of ways: hot and cold, on-again/off-again, love/hate. But his turn to a colder relationship with China this week could have a $50 billion impact on both economies.

The New York Times reported:

Barely a week after Treasury Secretary Steven Mnuchin said that the trade war was “on hold” and that tariffs would be suspended as negotiations continued, the White House issued a statement saying the United States would move ahead with its plan to impose 25 percent tariffs on $50 billion worth of imported Chinese goods within the next month.

Rarely have Americans seen their president waver so much on our relationship with a major country, and so frequently, in so little time.

According to the Times, Trump’s push forward on tariffs came after the president became sensitive to criticism from Republicans (like Sen. Marco Rubio (R-FL)) and Democrats (like Senate Minority Leader Chuck Schumer (D-NY)) on his treatment of China.

According to Reuters, China threatened retaliation on Wednesday morning:

China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.

…”We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement,” Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing, adding that China would take “resolute and forceful” measures to protect its interests if Washington insists upon acting in an “arbitrary and reckless manner.”

Can the U.S. and China reach another understanding amid this escalating war of words? Employers and employees in key industries of both nations await an answer to that question.

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